Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 and Notification No. 31/2020-Income Tax dated 29.05.2020 for ready reference of our readers. Changes are Marked in Red Coloure.

Revised Rule 12 of Income Tax Rules are applicable from 29th May 2020 i.e. for Income Tax Return of Assessment Year 2020-21 and Financial Year 2019-20.

Please note all changes in Rule 12 of Income Tax Rules which were notified vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 are been withdrawn by CBDT vide latest Notification No. 31/2020-Income Tax dated 29.05.2020.

Also Read- Rule 12 of Income Tax Rules wef 01.04.2020 | ITR | AY 2020-21

Rule 12 -Return of income and return of fringe benefits.

12. (1) The return of income required to be furnished under sub-section (1) or sub- section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E)or sub-section (4F) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A relating to the assessment year commencing on the 1st day of April, 2020 shall,—

(a) in the case of a person being an individual who is a resident other than not ordinarily resident and where the total income includes income chargeable to income-tax, under the head,—

(i) “Salaries or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57; or

(ii) Income from house property”, where assessee does not own more than one house property and does not have any brought forward loss or loss to be carried forward under the head; or

(iii) “Income from other sources, except winnings from lottery or income from race horses and does not have any loss under the head,

be in Form SAHAJ (ITR-1) and be verified in the manner indicated therein:

Provided that the provisions of this clause shall not apply to a person who,—

(I) has assets (including financial interest in any entity) located outside India;

(IA) has signing authority in any account located outside India;

(IB) has income from any source outside India;

(IC) has income to be apportioned in accordance with provisions of section 5A

(ID) has claimed deduction under section 57, other than deduction claimed under clause (iia) thereof;

(IE) is a director in any company;

(IF) has held any unlisted equity share at any time during the previous year;

(IG) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;

(II) has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91;

(III) has agricultural income, exceeding five thousand rupees;

(IV) has total income, exceeding fifty lakh rupees;

(V)has income taxable under section 115BBDA or

(VI) has income of the nature referred to in section 115BBE;

(VII) owns a house property in joint-ownership with two or more persons; or

(VIII) is required to furnish a return of income under seventh proviso to sub-section (1) of section 139.

(b) [***] omitted

(ba) [***] omitted

(c) in the case of a person being an individual not being an individual to whom clause (a) applies of a Hindu undivided family where the total income does not include income under the head business or profession, be in Form No. ITR-2 and be verified in the manner indicated therein;

(ca) in the case of a person being an individual or a Hindu undivided family, who is a resident other than not ordinarily resident, or a firm, other than limited liability partnership firm, which is a resident, deriving “income under the head Profits or gains of business or profession” and such income is computed in accordance with special provisions referred to in section 44AD, section 44ADA and section 44AE of the Act for computation of such income, be in Form SUGAM (ITR-4) and be verified in the manner indicated therein:

Provided that the provisions of this clause shall not apply to a person who,—

(I) has assets (including financial interest in any entity) located outside India;

(IA) has signing authority in any account located outside India;

(IB) has income from any source outside India;

(IC) has income to be apportioned in accordance with provisions of section 5A;

(ID) is a director in any company;

(IE) has held any unlisted equity share at any time during the previous year;

(IF) has total income, exceeding fifty lakh rupees;

(IG) owns more than one house property, the income of which is chargeable under the head “Income from house property”;

(IH) has any brought forward loss or loss to be carried forward under any head of income;

(IJ) is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assesse;

(II) has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91;

(III) has agricultural income, exceeding five thousand rupees;

(IV) has income taxable under section 115BBDA; or

(V) has income of the nature referred to in section 115BBE;

(VI) owns a house property in joint-ownership with two or more persons.

(d) in the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in clause (a) or clause (c) or clause (ca) and having income under the head business or profession, be in Form No.ITR-3 and be verified in the manner indicated therein;

(e) in the case of a person not being an individual or a Hindu undivided family or a company or a person to which clause (g) applies, be in Form No. ITR-5 and be verified in the manner indicated therein;

(f) in the case of a company not being a company to which clause (g) applies, be in Form No. ITR-6 and be verified in the manner indicated therein;

(g) in the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 (1 of 1956), required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E) or sub-section (4F) of section 139, be in Form No. ITR-7 and be verified in the manner indicated therein;

Income Tax Return: tax return forms to fill out, surrounded by office desk objects & smartphone with alert

(2) The return of income required to be furnished in Form SAHAJ (ITR-1) or Form No. ITR-2 or Form No. ITR-3 or Form SUGAM (ITR-4) or Form No. ITR-5 or Form No. ITR-6 or Form No. ITR-7 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act:

Provided that where an assessee is required to furnish a report of audit specified under sub-clause (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A , section 10AA, clause (b) of sub-section (1) of section 12A, section 44AB , section 44DA, section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E, section 115JB, section 115JC or section 115VW or to give a notice under clause (a) of sub-section (2) of section 11 of the Act, he shall furnish the same electronically.

(3) The return of income referred to in sub-rule (1) shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:—

TABLE

Sl. Person Condition Manner of furnishing return of income
(i) (ii) (iii) (iv)
1 Individual or Hindu undivided family (a) Accounts are required to be audited under section 44AB of the Act; Electronically under digital signature;
(b) Where total income assessable under the Act during the previous year of a person, being an individual of the age of eighty years or more at any time during the previous year, and who furnishes the return in Form number SAHAJ (ITR-1) or Form number SUGAM (ITR-4). (A) Electronically under digital signature; or

(B) Transmitting the data electronically in the return under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V; or

(D) Paper form;

(c) in Any other cases (A) Electronically under digital signature; or

(B) Transmitting the data electronically in the return under electronic verification code; or

(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

2 Company In all cases. Electronically under digital signature.
3

 

 

 

A person required to furnish the return in Form ITR-7

 

 

 

(a) In case of a political party; Electronically under digital signature;
(b) In any other case (A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.
4

 

 

 

Firm or limited liability partnership or any person (other than a person mentioned in Sl. 1 to 3 above) who is required to file return in Form ITR-5 (a) Accounts are required to be audited under section 44AB of the Act; Electronically under digital signature;
(b) In any other case. (A) Electronically under digital signature; or
(B) Transmitting the data in the return electronically under electronic verification code; or
(C) Transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.

Explanation.—For the purposes of this sub-rule “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).

(4) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners (other than the paper form) specified in column (iv) of the Table in sub-rule (3)and the report of audit or notice in the manner specified in proviso to sub-rule (2).

(5) Where a return of income relates to the assessment year commencing on the 1st day of April, 2019 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.

Our Compilation of Rule 12 for Earlier Assessment Years

Assessment Year Link to Rule 12 Applicable for that Assessment Year
2020-21 Rule 12 of Income Tax Rules wef 01.04.2020 | ITR | AY 2020-21
2019-20 Rule 12 of Income Tax Rules wef 1st April 2019 related to ITR of AY 2019-20
2018-19 Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR
2017-18 Rule 12 of Income Tax Rules wef 1st April 2017 related to ITR
2016-17 Rule 12 of Income Tax Rules wef 1st April 2016
2015-16 Rule 12 of Income Tax Rules wef 1st April 2015
2014-15 Rule 12 of Income Tax Rules wef 01.04.2014 – Filing of Audit Reports & ITR
2013-14 Revised Income Tax Rule 12 related to ITR for A.Y. 2013-14
2012-13 Revised Rule 12 Specifying Applicable ITR and mode of Return Filing for AY 2012-13

(Republished with amendments)

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12 Comments

  1. Kishin J Bhatia says:

    I am an NRI, Status,Super Senio NRI, residing out of India over 40 Years having investment in listed Equities and MF, all my investment is funded from my NRE account and all Equites and MF are asper record on
    Re-Patriable and understand that income under such investments, which is on Repatriable basis are Non-Taxable. Do I have to fill any ITR in that case being a Non-Resident
    KISHIN J BHATIA,
    kishinbhatia@gmail.com

  2. Jitender kumar says:

    If an individual is having salary income along with agricultural income mora than 5000, which itr form is to used. Also if he earlier had not mentioned agricultural income and now want to mention in itr, whether he is liable for any penalty?

  3. VIPAN KUMAR VERMA says:

    An individual filling the previous year as a resident individual his total income from interest on fixed deposits, but now he NRI his total income is below Rs.one lac only, he is regularly filling ITR, my question is that if he stops filling ITR because total taxable income is very much below Rs.one lac, also not showing form 26AS, is there is any penalty for not filling ITR this year.

    1. We and GST says:

      I am a senior citizen. I have spent Rs 30 Lakhs from my personal savings. Can I claim IT rebate for this amount?

      Spent in which expense? Home buying? Health?

  4. Ch Kishore Kumar says:

    Can a person file ITR 1 if he owns a joint property with ONE person only? Since the provision of the clause prevents from filing ITR 1 if the person owns a joint property with TWO or MORE persons.

    1. Parth Shah says:

      In the given Article (Rule 12 ITR 1 Eligibility) it is specifically strike off condition of Joint Property holder which previously baring individual to opt ITR 1, has now opened up accordingly you can opt ITR 1

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